- USD/ZAR is currently trading around 18.66 levels.
- It made intraday high at 18.69 and low at 18.27 levels.
- Intraday bias remains bullish till the time pair holds key support at 18.30 mark.
- A daily close above 18.30 will take the parity higher towards key resistances around 18.70, 18.90, 19.02, 19.28 and 19.54 marks respectively.
- Alternatively, a daily close below 18.30 will drag the parity down towards key supports at 18.02, 17.91, 17.70, 17.30, 17.02, 16.70, 16.40, 16.22, 16.00 and 15.70 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart
. - South Africa will release retail sales data around 1100 GMT.
We prefer to take long position on USD/ZAR around 18.60, stop loss at 18.25 and target of 18.90/19.10.
